HUD No. 07-058
May 8, 2007
HUD SECRETARY ANNOUNCES $1.8 BILLION FOR AFFORDABLE HOUSING AND FIRST TIME HOMEOWNERSHIP PROGRAMS
Jackson and Mayor Slay announce $4.2 million for St. Louis affordable housing
ST. LOUIS - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that thousands of communities around the country will receive nearly $1.8 billion to promote HUD's affordable housing and first-time homebuyers programs. The City of St. Louis will receive over $4.2 million to produce affordable housing and help low-income families purchase homes.
"The grants we are awarding today will build economically stronger communities across the United States," said Jackson during a news conference with St. Louis Mayor Francis Slay. "Whether it's creating more affordable housing or helping first-time homebuyers to realize the 'American Dream,' this funding HUD has allocated is helping to improve neighborhoods in St. Louis and elsewhere around the country."
The total national funding of $1.757 billion will support HUD's HOME Investment Partnerships Program (HOME) and American Dream Downpayment Initiative (ADDI) in Fiscal Year 2007.
HOME is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, 645 communities have completed more than 781,000 affordable housing units, including more than 327,000 for new homebuyers. In addition, nearly 163,000 tenants have received direct rental assistance.
ADDI helps first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Since the program's inception, ADDI has assisted approximately 23,000 households to purchase their first home.
"The awarding of these funds today will ensure that even more individuals and families here in St. Louis and around the nation will have more affordable housing options and new homeownership opportunities," said Jackson.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.